Market Sentiment Improves on Supportive News from China and Turkey

MARKET SENTIMENT, NEWS AND ANALYSIS:

• Trader confidence is returning, for now at least, on news that US-China trade talks will resume and that Qatar will invest $15 billion in Turkey.
• That has lifted the Turkish Lira and currencies like the Euro against safe havens such as the US Dollar.

RISK APPETITE IMPROVES

The willingness of traders to move out of safe havens like the US Dollar into riskier assets has increased on positive developments in both China and Turkey.

China said Thursday that it will attend a fresh round of US-China trade talks in Washington later this month. Meanwhile, Qatar has said it will invest $15 billion in Turkey and the Turkish finance minister is to host a presentation to investors today in an attempt to reassure them the country is committed to stabilizing the Turkish Lira.

In response, USDTRY is continuing to slide lower after its previous sharp gains, with the Lira helped too by Turkish measures to limit short selling of the currency by foreign funds.

USDTRY PRICE CHART, DAILY TIMEFRAME (APRIL 23 – AUGUST 16, 2018)

More generally, traders’ risk appetite has increased despite continuing signs of an economic slowdown in China that could limit its demand for raw materials. That has lifted stock prices and emerging-market currencies, as well as the Euro against the safe-haven US Dollar.

EURUSD PRICE CHART, FIVE-MINUTE TIMEFRAME (AUGUST 15-16, 2018)

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